Moderna posts surprise first-quarter profit
By Abigail Townsend
Date: Thursday 04 May 2023
(Sharecast News) - Moderna reported above-forecast first-quarter numbers on Thursday, despite demand for its Covid-19 vaccine continuing to wane.
The US biotech said revenues came in at $1.9bn in the three months to 31 March, down from $6.1bn a year previously, while net income tumbled to $79m from $3.7bn. Diluted earnings per share were $0.19, compared to $8.58 in the first quarter of 2022.
However, the figures were notably better than expected. Analysts had been looking for revenues closer to $1.2bn and losses per share of $1.77.
Moderna's only commercial product is its Covid vaccine, but demand has fallen away as the pandemic passes. First-quarter sales were boosted by revenue deferred from 2022, and it left its 2023 target for revenues of $5bn unchanged.
Stephane Bancel, chief executive, said: "We had a strong first quarter, with $1.9bn in revenue, clearly indicating we are on our way to deliver on the $5bn of signed advanced purchase agreements for 2023.
"In addition, we are encouraged by the progress of new Covid-19 vaccine contracts in the US for this fall with pharmacy chains, hospital networks and multiple US government agencies."
Looking to the firm's pipeline of new drugs, Bancel added: "We are fully preparing for the potential commercial launches of two products in 2024, our RSV (respiratory syncytial virus) and 'flu vaccines."
Both are based on the same mRNA technology used in Moderna's Covid vaccine.
Moderna has generated around $36bn in sales over the last two years from its Covid vaccine.
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